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Global Oncology Information System Market to Be Driven by Increase in Technological Adaption and Technological Advancement

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Transparency Market Research Report Added "Oncology Information System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"Albany, NY -- (SBWIRE) -- 03/16/2017 -- Oncology information system is an image and information management system that allows to check all parts of oncology care for patients. Oncology information system combines medical, surgical, and radiation oncology information into a comprehensive, oncology electronic medical record that allows to manage patient's details from start of the patient's admission through diagnosis and follow-up details.

The factors driving the growth of the oncology information system market are increase in technological adaption and technological advancement. Increase in health care infrastructure in developing nations, growth in prevalence of secondary tumor, and rise in incidence of cancer are the other factors anticipated to propel the growth of the oncology information system market during the forecast period. According to the National Cancer Institute, cancer is among the leading causes of death worldwide; in 2012, there were 14 million new cases and 8.2 million cancer-related deaths worldwide. However, lack of health care IT professionals and strict regulation are likely to restrict the growth of the oncology information system market.

According to a report by the American Cancer Society, 50% of men and 30% of women are estimated to develop cancer in some form or the other in their lifetime. Increase in amount of cancer patients is a major driver of the sales of the oncology information system market. Additionally, rise in amount of tobacco consumption and increase in amount of carcinogens present in the polluted air or in any other form are projected to drive the oncology information system market in the near future. Some of the factors driving the growth of the market are rising disposable income, which enables patients to avail expensive treatments, easily available medical insurance policies, and growing medical tourism activities. Heavy investments in R&D further act as an opportunity for the growth of the market since innovative and technologically advanced products always have the capability of substituting its predecessors.

The oncology information system market has been segmented by product, application, end-user, and geography. Based on product, the oncology information system market is classified into patient information system, treatment planning system, consulting/optimization, implementation, maintenance, services, and others. Based on application, the market is segmented into care management, treatment management, and knowledge management. Based on end-user, the oncology information system market is segmented into hospital, government institution, research center, and others.

Geographically, the oncology information system market in segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for a large market share in terms of revenue, followed by Europe. The oncology information system market in North America is expected to grow due to technological advancement and increase in demand for advanced product. The growing need to implement advanced systems in the health care sector in the region and, at the same time, deliver quality care to patients are the factors likely to drive the market in the near future.

Asia Pacific is expected to rise at a high CAGR owing to increase in adoption of technological advanced products, growth in disposable income, and rise in health care infrastructure in countries such as India, China, Australia, and other countries in the region. The Latin America oncology information system market is mainly driven by the increasing adoption of technological products in countries such as Brazil and Mexico. The Middle East & Africa oncology information system market is estimated to grow in the near future due to rise in incidence of cancer. According to World Health Organization, women in the African region had the highest incidence of cancer of the cervix uteri.

About Transparency Market ResearchTransparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

New Individual Life Insurance Premium Up In First Half Of 2017

Individual life insurance premium increased in the first half of 2017.

WINDSOR, Conn., Sept. 25, 2017 — U.S. Individual life insurance new annualized premium increased 4 percent for the first half of 2017, compared with the first six months of 2016. In the second quarter, new annualized premium increased 3 percent, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey.

“All major product lines experienced annualized premium growth during the first half of 2017,” said Ashley Durham, associate research director, LIMRA Insurance research. “While whole life led the way in terms of absolute dollar growth during the first half of the year, indexed universal life was the primary driver during the second quarter.”

In the second quarter, total policy count fell 4 percent; policy count dropped 3 percent in the first half of the year.

Universal life (UL) new annualized premium increased 2 percent in the second quarter. In the first half of 2017, UL premium rose 4 percent.

Indexed UL (IUL) new annualized premium grew 8 percent in the second quarter, with almost half of IUL carriers reporting positive growth. Year-to-date, IUL premium rose 7 percent. IUL had the largest premium growth in second quarter. It represented 56 percent of UL premium and 21 percent of all individual life insurance premium.

After two quarters of increases, Lifetime Guarantee Universal Life (LTGUL) declined 11 percent in the second quarter. Just over half of LTGUL writers reported decreased sales in the second quarter. Year-to-date growth for LTGUL was only 1 percent.

LTGUL represents 20 percent of UL sales and 7 percent of total life premiums.

VUL held a 5 percent market share of total individual life insurance in the first half of 2017.

Whole Life (WL) new annualized premium increased 2 percent in the second quarter. WL growth has slowed, compared to the growth seen in 2016. Year-to-date, WL rose 5 percent. Seven of the top 10 companies reported growth.

Year-to-date, WL premium represented 37 percent of the total life market, a market share level reached in 2016 when it became the highest in 20 years.

Term life insurance new premium grew 3 percent in the second quarter, compared with prior year. Seven of the top 10 companies reported growth. Term life market share was 21 percent in the first half of 2017.

LIMRA’s Second Quarter 2017 U.S. Individual Life Insurance Sales Survey represents approximately 80 percent of the U.S. individual life insurance annualized premium market.